As the birthplace of the American automobile industry, Detroit has always been a great place to raise a family. The dream of homeownership in this city has been threatened by the high rate of mortgage foreclosures across the state. Owning a home in Detroit is not only important for you and your family, but is also essential to the vitality of the city.
What options do I have instead of foreclosure?
Foreclosure is what happens when creditors begin a legal process to get back the debt that has been incurred as a result of buying property. Missing even one mortgage payment or installment of property taxes could cause a bank or other lender to send you into foreclosure on your home. Foreclosure does not only deprive you and your family of a home, but it also places a red mark on your credit score that can prevent you from obtaining housing in the future.
If you are facing foreclosure, work with your lender and a bankruptcy attorney to explore some of the options that may be available to you, such as:
- Repayment plan
- Forbearance
- Loan modification
- Selling the home
- Deed in Lieu of Foreclosure
Avoiding a foreclosure can be as easy as reviewing your loan documents and developing a plan that keeps you up to date on any and all payments. Contacting your financial lender in advance to renegotiate the terms of the debt, and keeping organized and on top of these payments is crucial.
While foreclosure may seem hopeless, there are a number of options available to help you avoid falling into extreme debt. What will work best in your case is can be determined with the help of an experienced bankruptcy attorney.
With over 10,000 consumers helped with their debt, the Law Offices of Marshall D. Schultz has years of experience with cases just like yours.